Asset Management Software is a digital tool used to track and manage business assets. It allows organisations to manage multiple assets in one place. Including software, hardware, equipment, tools, digital content, and fixed assets. Asset Management Software is used by asset managers to perform life cycle management. Collecting data from when an asset is purchased to when it is disposed of. This helps create mobile asset registers and plan for preventive maintenance. As well as improve inventory management. It also allows businesses to calculate depreciation values and track each asset’s ROI.
What Is Asset Management Software?
Asset Management Software is designed for businesses to manage and track valuable assets. In particular, assets that are essential for day-to-day operations. Ensuring businesses receive a good return on investment from their purchases. An asset management system provides several benefits, such as:
- Increasing asset visibility with real-time tracking
- Creating accurate asset registers
- Optimising the useful life of mission-critical assets
- Reducing costs associated with purchasing and maintenance
- Improving inventory management
- Ensuring health, safety, and compliance
Asset Management Software offers multiple tools to monitor life cycle management. Including the ability to track fixed assets, inventory, IT equipment, and fleet assets. This allows asset managers to track the various stages of an asset’s useful life. Including planning, procurement, maintenance, operation, and disposal. Data is then stored, monitored, and accessed via a shared asset register.
Track and Manage Assets in Real-Time
The ability to track physical assets is made possible by affixing tags and labels. They include barcodes, RFID tags, QR codes, NFC tags, and GPS trackers. Each tagging option has its own benefits and suits different tracking environments. A tag enables businesses to keep track of their assets. Knowing where they are located and who is using them. Whether that be warehouse stock or IT hardware in offices. As well as seeing an asset’s purchase history and maintenance schedules.
Plan and Schedule Preventive Maintenance
To keep assets in optimal working condition, businesses need to effectively plan maintenance strategies. By monitoring the asset life cycle, maintenance managers can gather data on various factors. Such as useful life, condition, repairs, breakdowns, and an asset’s life span. This data then helps to build a preventive maintenance schedule. Enabling companies to plan for the maintenance of mission-critical assets. This reduces the risk of unplanned downtime and improves the condition of assets. As well as reducing costs associated with downtime and maintenance.
Build a Detailed Asset Register
Asset Management Software provides the tools to build an accurate asset register. An asset register consists of various asset data that helps to make better-informed decisions. Particularly when it comes to purchasing, maintenance, and operation. Asset registers include real-time locations, purchase information, and maintenance plans. As well as depreciation values. They’re available to users on desktops as well as mobiles, via a cloud-based app. Allowing them to be accessed at any time, whether in the office or in the field. As opposed to using spreadsheets, which can be error-prone and time-consuming.
Access Asset Data From a Mobile Device
Mobile access allows users to access asset data from anywhere at any time. Whether that be field operators, asset managers, or maintenance engineers. Accessing an asset management system on mobile is possible through the use of a mobile app. It allows users to view, update, and add to an asset register when off-site. Devices with built-in scanners for QR codes and Barcodes can also update data on the go.
Track and Monitor Asset Life Cycle Management
Asset Management Software is key for tracking and monitoring the stages of an asset’s life cycle. By having this data, businesses can make better decisions when it comes to purchasing. As well a determining the right maintenance plans and calculating ROI. Allowing asset managers to know when an asset reaches its optimal peak performance.
Improve Inventory Management
Although asset management tracks equipment a business uses, it also monitors inventory levels. Asset Management Software can be set up to track inventory that moves in and out warehouses. Whether that be part of a supply chain or stock in a warehouse. Thanks to IoT-enabled tools and tracking technology such as Barcodes. All inventory data is stored on a shared system. Providing greater visibility to all users. Compiling an inventory of assets also allows companies to identify and remove ghost assets.
Why Asset Management Is Important
Asset Management is the action of planning and governing a business’s entire asset inventory. Including acquiring, operating, maintaining, and disposing of. The management of assets, both tangible and intangible, consists of several factors. All helping to monitor and track a business’s most important and financially reliant assets. Whether buildings, machinery, vehicles, or IT equipment.
Asset Management Software allows businesses to automate their asset management protocols. This results in several cost-saving benefits. Such as increased productivity and operations. As well as making better-informed decisions when it comes to purchasing. Other benefits that highlight the importance of asset management included:
Calculate Asset Depreciation Value
Asset Management Software makes it easier for businesses to understand the value of their assets. Asset valuation starts with the planning and purchasing stage. It then moves on to the worth of an asset during its useful life. Until an asset has a final value at the end of its useful life. Calculating an asset’s purchase price against its used worth gives its depreciation value. Knowing an asset’s depreciation value allows asset managers to make better financial decisions. As well as improve the accuracy of a company’s account keeping.
Determine Total Cost of Ownership (TCO)
Depreciation value has a direct link to understanding an asset’s total cost of ownership. TCO is a method used to determine which assets are most valuable to a business. It is calculated by adding together purchase price, operating costs, and maintenance costs. Asset managers can know if owning an asset outweighs the total running costs. Making it easier to decide when, or if, an ageing asset should be replaced or disposed of.
Reduce Unplanned Downtime
A key part of Asset management Software is being able to automate data collection. Including essential maintenance data. This allows businesses to know total usage, expected useful life, and maintenance costs. Enabling asset managers to take a proactive approach to repairs and maintenance. As opposed to running an asset to the point of failure, costing up to 10 times more in repairs costs. Without a preventive maintenance plan, companies risk unplanned downtime. Causing outages of vital equipment that can harm revenue. Unplanned downtime can cost businesses $260,000 per hour on average.
Types of Asset Management Software Tools
Every company has different assets that are essential for generating revenue. Whether that be software, fixed assets, machinery, vehicles, or equipment. Because of the variety of assets, there are different types of Asset Management Software. Each solution provides unique benefits to the assets it is intended for.
Fixed Asset Management Software
Fixed assets are typically larger assets used in a business’s daily operations. They’re in physical form and listed on a balance sheet under Property, Plant, and Equipment (PP&E). Intangible assets such as copyrights and patents can also be classed as fixed assets. Fixed assets include:
- Buildings and property
- Machinery and equipment
- Office equipment
- Furniture and fixtures
Fixed assets require extensive monitoring and tracking with fixed asset management. This is because they’re the most expensive assets a business will invest in. Meaning asset managers must ensure a good return on investment. As well as making sure they’re always operational when needed the most.
IT Asset Management Software
An IT asset management system monitors software, IT hardware, digital, and cloud assets. It is also referred to as IT inventory management. It allows businesses to generate IT asset registers and build CMDBs. As well as improve network infrastructure visibility. ITAM software tracks assets such as:
- On-premise software tools
- Cloud-based software apps
- Routers and servers
Software Asset Management (SAM)
Software asset management tools manage the purchasing and usage of software. Unlike ITAM, Software Management Systems exclusively only manage software assets. As opposed to tracking IT hardware such as computers and servers. It enables businesses to:
- Track and monitor software licences in one single-architecture program
- Perform SaaS and software license management
- Gain insights into unexpected costs and expenditures
- Stay compliant and avoid unexpected software compliance fees
- Understand the life cycle of software content
Enterprise Asset Management (EAM)
An EAM tool aims to control and measure asset performance. Essentially allowing businesses to maximise an asset’s usable life. EAM enables businesses to focus on asset management, maintenance, and performance. Although similar to CMMS software, an EAM system provides functions such as:
- Work order management
- Maintenance planning and scheduling
- Asset analytics and reporting
- Purchasing and procurement management
- Labour and inventory management
Tracking and Monitoring Asset Life Cycle Management
Asset life cycle management is a strategic and analytical approach to asset management. The typical process of an asset’s life cycle can be broken down into four stages. From planning and procurement. Through to operation, maintenance and disposal.
Asset Management Software helps to optimise the use of assets throughout this life cycle. As well as gauging when an asset reaches its optimal peak performance. Whilst analysing how long of a useful life it has left. Before eventually planning for maintenance work or to replace it. This approach ensures businesses are keeping their assets operational for as long as possible. Life cycle management also considers other factors such as:
- Asset depreciation value
- Identifying asset roles
- Ensuring health and safety
- Preventive maintenance plans
Who Uses and Needs Asset Management Software?
Asset Management Software provides several tools for tracking and monitoring business assets. This allows it to be used in multiple industries and operations.
Property, Facilities, and Building Management
5 to 20% of overall fixed asset costs are contributed by properties, facilities, or buildings. So, having the ability to perform effective property asset management can help. Businesses can record purchase prices, appreciation value, and depreciation costs.
Apart from the financial requirement, properties and facilities require planned maintenance. As well as cleaning, security management, visitor tracking and energy management. An asset management system helps to schedule, record, and report on these activities. A modern property management tool can provide a framework to:
- Develop and maintain an asset register
- Calculate the appreciation and depreciation of fixed assets
- Schedule, track, and monitor maintenance activities
- Record cleaning activities
- Manage workplace layout
- Track visitors and occupants for safety and security
Software and Hardware IT Asset Management
Businesses can collect a lot of valuable data from their IT assets. Including real-time location, work order status, users, usage, and license renewals. A cloud-based system allows businesses to maintain an asset register of their digital assets.
Along with hardware, a key asset included in most asset registers is software. Software asset management helps to reduce the cost of software ownership. As well as optimise the number of software assets required and maintain compliance with vendors. An IT inventory management solution can:
- Provide an on-demand view of IT assets
- Manage entitlements and endpoints
- Know the usage data of cloud and on-premise IT assets
- Ring-fence IT network infrastructure to be cyber safe
- Monitor compliance with software vendor contracts
Equipment and Machinery Management
Unplanned downtime of equipment and machinery can cost 3 to 18% of total revenue. So, businesses prefer to maximise the uptime of their machinery with asset management. It provides a framework that helps schedule planned, preventative, and reactive maintenance. This includes organising internal and external engineers and issuing work orders. As well as purchasing spare parts and planning for asset disposals.
A technology used in most asset management solutions is the Internet of Things (IoT). This allows equipment and machinery to talk to each other. Transmitting operating conditions such as temperature, pressure, and service status. IoT devices can capture this data and provide insightful reports. Helping to increase the uptime of machinery. An asset maintenance management system helps to:
- Schedule planned and preventative maintenance activities
- Assign jobs to internal and external maintenance engineers
- Order replacement parts
- Optimise maintenance costs
- Manage reactive maintenance activities
- Improve age and uptime of equipment
Stock and Inventory Management
Asset Management Software is often used to track stock and inventory. As well as fixed assets such as buildings, properties, and facilities. As the UK Accounting Practice requires companies to declare their assets, this feature is essential. Allowing businesses to record all assets in one place, known as an asset register.
The technology used in tracking stock and inventory includes RFID tags, Barcodes, and GPS. Quite often, a hand-held scanner is used as well. Typically, inventory is connected with users, location, and projects. In some cases, it can be leased as well. Using asset management tools for inventory management helps to:
- Reduce and eliminate ghost assets
- Track leased and owned inventory
- Use RFID, Barcodes, and handheld scanners to tag, track, and monitor assets
Asset management tools help to track the location of a business’s fleet assets. The technology often used in tracking fleet assets is Global Positioning System (GPS). As well as tools such as Fleet Management Software. Asset Management Software enables fleet managers to gather various amounts of data. Including driver behaviour details, fleet maintenance plans, and fuel costs. Allowing fleet businesses to:
- Track vehicles and drivers in real-time
- Analyse and improve driver behaviour
- Reduced vehicle downtime through preventative maintenance
- Minimise maintenance, servicing, and MOT costs
- Reduced vehicle running costs such as fuel
- Improve the safety of vehicles and drivers
Top 10 Best Asset Management Software Products
FMIS Fixed Asset Management System
FMIS provides a fully integrated fixed, finance-aware asset management and tracking platform that allows tracking of assets across multiple sites. Product features include asset tracking, a configurable asset register, auditing capabilities, barcode tagging, and equipment loan management. The FMIS fixed asset management system has been successfully deployed across various industries such as oil and gas, non-profits, education, healthcare, manufacturing, government, and retail.
Assettrack Asset Management Solutions
Assettrac delivers a highly configurable asset management system that supports the complex workflows of tracking revenue-generating fixed assets. This scalable and flexible asset management solution is packed full of features such as asset tracking, asset register management, facilities and maintenance management, and stock control. Assettrac solutions are well versed across multiple industries including commercial and retail, manufacturing and industrial, healthcare, IT, and education.
Itemit provides a simple yet effective asset management solution for busy customers wanting to track up to 2000 assets. Deployed through iOS and Android mobile apps, Itemit is an asset management and tracking solution for on-the-go users. It provides the features necessary for tracking assets, inventory control, QR and RFID asset tagging, reporting and analytics, and accessing data offline. It is used primarily in industries such as construction, charities, offices, and food and beverage.
Vision Software by ACMS UK
Vision Software is a fixed asset management and tracking tool by ACMS UK that excels at managing audits and risk compliance across multiple sites and facilities. Stand out features include a comprehensive asset register, auditing risks such as fire and asbestos, asset tracking, NFC vision tagging, and compliance management.
Nanolink Asset Management and Tracking Solutions
Nanolink delivers a cloud-based asset management tool that focuses on utilising Bluetooth technology to provide real-time asset tracking data. With other 500 customers, the Nanolink asset management solution offers many key capabilities. Including asset tracking, service and maintenance management, reporting and analytics, and third-party integrations.
Assetspire offers a highly configurable, cloud-based platform for small and large businesses looking to manage and track their assets. Through tracking technology such as NFC, RFID, and Barcode, Assetspire has been adopted by various asset-heavy industries. Including real estate, healthcare, hospitality, and education.
Freshworks delivers an easy to use fixed asset management tool that centres around managing and tracking IT equipment. This service management tool is simple to configure and well suited to ITIL-aligned businesses. Key features include inventory management, asset discovery, asset life cycle management, contract management, CMDB, service level management, and reporting. With a focus on the management of IT assets, Freshworks’ asset management system has been adopted in multiple industries. Including IT and software, e-commerce, education, public sectors, and automotive.
Real Asset Management
Real Asset Management provides an asset management tool that has a focus on tracking fixed assets as well as delivering key accounting and maintenance management capabilities. Logging GPS coordinates, reserving and scheduling assets, and quick auditing are just some of the key features that Real Asset Management delivers. Its focus on accounting and maintenance requirements has lead this fixed asset management tool to become widely adopted in industries such as government, education, and healthcare.
Bulbthings Smart Asset Manager Software
BulbThings is an asset management solution that allows users to track assets as well as use powerful tools to generate insights about their assets. This app features lifecycle management, TCO management, and inventory management, giving users a one-stop-shop solution for all their data and asset management needs. Its appeal to both small businesses and large enterprises has delivered asset management solutions to various industries. Including construction, hospitality, healthcare, transport, education, pharmaceutical, and manufacturing.
Traclogik Asset Management and Tracking Solutions
Traclogic provides an experienced real-time asset management solution by utilising asset tracking technologies such as Bluetooth. Its comprehensive tools have propelled the Traclogik system into an industry-leading position for effective asset tracking and protection solutions. The ability to deliver visibility of a business’s entire fixed asset repository has lead to Traclogik being adopted in various industries. Including healthcare, manufacturing, aviation, transport, logistics, construction, and security.